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Bio-Based Succinic Acid Market Share

ID: MRFR//6309-HCR | 140 Pages | Author: Anshula Mandaokar| May 2024

The Bio-Based Succinic Acid market is witnessing a dynamic landscape characterized by various market share positioning strategies adopted by key players to gain a competitive edge. One prominent strategy is the focus on research and development to enhance product offerings. Companies in the Bio-Based Succinic Acid market invest significantly in developing innovative and sustainable production methods, leading to improved product quality and cost-effectiveness. By staying at the forefront of technological advancements, these companies aim to capture a larger share of the market by offering bio-based succinic acid that meets the evolving demands of diverse industries.

Collaborative initiatives and strategic partnerships also play a pivotal role in market share positioning within the Bio-Based Succinic Acid industry. Companies often engage in collaborations with research institutions, government bodies, and other industry players to share knowledge, resources, and expertise. Such partnerships not only facilitate the development of novel applications for bio-based succinic acid but also enhance the overall production processes. By leveraging each other's strengths, companies strategically position themselves to navigate market challenges and capitalize on emerging opportunities.

Furthermore, a focus on sustainable practices and environmental stewardship is a key market share positioning strategy in the Bio-Based Succinic Acid market. As global awareness of climate change and environmental impact grows, consumers and businesses increasingly prioritize eco-friendly products. Bio-based succinic acid, derived from renewable resources, aligns with this sustainability trend. Companies that emphasize their commitment to environmental responsibility and offer bio-based succinic acid as a greener alternative to traditional, petroleum-based succinic acid gain a competitive advantage in the market.

Geographical expansion is another significant strategy employed by key players in the Bio-Based Succinic Acid market to strengthen their market share. By entering new regions and markets, companies can tap into unexplored opportunities and broaden their customer base. This strategy involves understanding regional preferences, adapting to local regulations, and establishing distribution networks to ensure efficient supply chain management. A well-executed geographical expansion enables companies to diversify their market presence and reduce dependence on specific regions, thereby enhancing overall market share.

Market differentiation through product diversification is a strategy often employed to gain a competitive edge in the Bio-Based Succinic Acid market. By offering a range of bio-based succinic acid products tailored to different industry needs, companies can address a broader market spectrum. This diversification strategy involves developing specialized formulations, customized solutions, and targeted applications for bio-based succinic acid. As industries such as pharmaceuticals, chemicals, and food and beverage exhibit varied requirements, companies strategically position themselves by catering to these diverse needs.

Additionally, effective marketing and branding strategies contribute significantly to market share positioning in the Bio-Based Succinic Acid market. Companies that successfully communicate the benefits of bio-based succinic acid, such as its sustainable sourcing, reduced carbon footprint, and versatility in applications, are likely to attract a larger customer base. Building a strong brand image that resonates with the values of environmentally conscious consumers and businesses enhances a company's market position and fosters customer loyalty.

In conclusion, the Bio-Based Succinic Acid market's competitive landscape is shaped by a combination of research and development, collaborative partnerships, sustainability practices, geographical expansion, product diversification, and effective marketing strategies. Companies that strategically navigate these elements position themselves for success in a market increasingly driven by sustainability considerations and the quest for innovative, eco-friendly solutions.

Bio-Based Succinic Acid Market Highlights:

Bio-Based Succinic Acid Market Trends

Bio-Based Succinic Acid Market Analysis

Bio-Based Succinic Acid Market Share

Bio-Based Succinic Acid Companies

Bio-Based Succinic Acid Market Overview

According to the research reports by MRFR, the global market for bio-based succinic acid is estimated to flourish at a healthy CAGR of 19.6% during the review timeframe. The report further predicts the market to attain USD 900 million by the end of during the forecast period. In general, succinic acid is primarily produced using the C4-fraction of naphtha and using a four-carbon hydrocarbon via maleic anhydride. The succinic acid is obtained by hydrogenation of hydration afterward and maleic anhydride. The eco-friendly succinic acid is extensively used in making coatings, resins, and ink.

The growing global pollution and rising carbon footprint are projected to drive the growth of the global Bio-Based Succinic Acid market. Many geographical locations are part of this global market, which includes North America, the Middle East, Africa, Europe, Asia Pacific, and others. Of these, the North American regional market is projected to generate the largest market share in the forecast timeframe.

The global market for Bio-Based Succinic Acid has been segmented based on the application, end-use industry, and processed type. Further, the end-use industry has been segmented into food & beverage, personal care, pharmaceutical, agriculture, and chemical. The processed type segment is divided into different parts like the direct crystallization process, electrodialysis process, and ammonium sulphate process. The application segment is classified into different parts like 1, 4 Butanediol, solvents & coatings, Plasticizers, polymers & esters, Polybutylene Succinate, and others.

Global Bio-Based Succinic Acid Market, by Application, 2017 (%)

Source: MRFR Analysis

Segmental Analysis

The global bio-based succinic acid market has been segmented on the basis of processed type, application, end-use industry, and region.

Based on processed type, the global bio-based succinic acid market has been divided into ammonium sulfate process, direct crystallization process, and electrodialysis process.

By application, the global bio-based succinic acid has been categorized into 1, 4 butanediol, polybutylene succinate, plasticizers, polyester polyols, polymers & esters, solvents & coatings, and other applications.

By end-use industry, the global bio-based succinic acid has been segregated into chemical, food & beverage, pharmaceutical, personal care, and agriculture.

Regional Analysis

The global bio-based succinic acid market has been spanned across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

The North American market held the largest share of the global bio-based succinic acid market in 2018. The growing use of bio-based succinic acid in chemical and pharmaceutical industries is driving the growth of the bio-based succinic acid market in the region. The regional market is expected to continue the dominance during the forecast period.

The Asia-Pacific market for bio-based succinic acid was the fastest growing and held the second-largest share in 2018. The increasing demand in the pharmaceutical, automotive, and agricultural industries in India, China, Thailand, and South Korea is expected to fuel the growth of the bio-based succinic acid market in the region. Asia-Pacific is expected to be the dominant regional market by the end of the forecast period.

The European market closely followed Asia-Pacific in terms of market share in 2018. The increasing use of bio-based succinic acid in food & beverage and personal care industries is expected to be the major factor contributing to the growth of the bio-based succinic acid market in the region. The European market is expected to witness considerable growth during the forecast period.

The Latin American market is projected to record moderate growth during the forecast period. The growth is attributed to the rising environmental concerns and shift towards the use of bio-based succinic acid by chemical industries in the region.

The Middle East & African market for bio-based succinic acid is expected to witness sluggish growth during the forecast period, due to the large presence of petroleum industries and high dependence of manufacturers on petroleum for the production of succinic acid.

Market Players

BioAmber Inc (US), DSM (Netherlands), Mitsui & Co., Ltd (Japan), Mitsubishi Chemical Corporation (Japan), BASF SE (Germany), Roquette Frères (France), Corbion (The Netherlands), and Reverdia (Netherlands) are some of the key players operating in the global bio-based succinic acid market.Recent Development

In February 2022

Bio MADE, or the Bioindustrial Manufacturing and Design Ecosystem, is presently offering federal funds of USD5.8 million to 16 innovative projects intending to enhance the bio-industrial manufacturing capabilities, knowledge, and workforce in the US. Moreover, these projects also boost the ecosystem by leveraging the non-federal cost-share of an extra USD6.3 million.

Intended Audience:

Manufacturers and Producers of Bio-Based Succinic Acid

Traders and Distributors of Bio-Based Succinic Acid

Raw Material Suppliers

Nationalized Laboratories

Research and Development Organizations

Bio-Based Succinic Acid Companies

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